Boat Loan Calculator

Estimate Your Monthly Boat Loan Payment

Are you considering a boat loan? Get a reliable estimate on your monthly payment with our boat loan calculator tool.

Loan Calculator [Opens a new window.]

The results of this boat loan payment calculator are for comparison purposes only. They will be a close approximation of actual loan repayments if available at the terms entered, from a financial institution. This is being provided for you to plan your next loan application.

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Using Our Boat Payment Calculator

Our convenient boat financing calculator can help you predict the monthly and total cost of your next boat loan by providing the following information:

  • Average monthly payment
  • Total interest payable amount
  • Full payment amount, including the principal and interest costs

To get started, fill in each of the text fields on our boat loan payments calculator, then let the tool do the work. Here's a quick guide to each of the required text fields.

To get started, fill in each of the text fields on our boat loan payments calculator, then let the tool do the work. Here's a quick guide to each of the required text fields.

Loan Amount

Type in the total cost of your new boat, including relevant taxes and lender fees. If you plan to make a down payment on your boat loan, do not include that amount in this number.

Interest Rate

Enter your estimated annual percentage rate (APR) into this field. Lenders calculate these interest rates based on several factors, including your credit report, collateral value/age and Debt To Income (DTI) ratio.

In general, APRs are lower for borrowers with higher credit scores, newer collateral, lower DTI and higher down payment. As of January 2024, boat loan APRs ranged between 6.99% and 17.99%.

Amortization Period (Loan Term)

Enter the expected or preferred loan term into this final text field. Boat loan terms vary widely but normally range from 120 months to 244 months depending on the amount of the loan and age of the boat.

Note that our boat loan calculator tool allows you to express the amortization period in either months or years. If your estimate appears off, double-check that you selected the correct option.
Once you have your payment estimate, consider the affordability of the loan.

You can set yourself up for future success by choosing a watercraft that fits comfortably within your budget.

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Frequently Asked Questions About Boat Loans

How can I reduce my estimated monthly boat loan payment?

If your boat payments estimate exceeds your budget, you may be able to lower it by choosing an extended loan term providing the boat meets the required criteria. Consider this option carefully, as longer loan terms result in paying more interest throughout the loan.

You can also reduce your estimated boat loan payment by

  • Increasing your down payment amount
  • Choosing a boat with a lower purchase price
  • Raising your credit score for a lower interest rate

What is the average cost of a boat?

The costs of buying a boat depend on the type of boat you're purchasing, be it a sailboat, pontoon, or multi-hull craft. The average recreational watercraft costs between $60,000 and $75,000 at the time of this writing but IFG will facilitate a boat loan from $10,000 to $10,000,000.

How do I know how much the boat I want is worth?

You can determine if you're getting a good deal by investigating the value of the boat you're purchasing. Visit to use the convenient valuation tool by J.D. Power, a trusted source for market insights. Most banks use the NADA Used Trade-In Value and allow 10% added for options. You may see only the Low retail Value - that is close to what the Used trade-In value is with the added 10% for options.

What is the usual term of a boat loan?

While unsecured boat loans (do not use the boat as collateral) from general banks often range between two and seven years, IFG’s recreational finance banks’ terms for secured loans (use the boat as collateral) may reach up to 20 years (240 months).

Can I get a personal watercraft loan if I have poor credit?

If your credit report is less than stellar, you can look for lenders with low-credit offerings. Some lenders consider applicants with scores as low as 600. Keep in mind that low-credit boat loans often include higher APRs, shorter terms and require higher down payments.

What circumstances make qualifying for a boat loan challenging?

You may have trouble qualifying for a boat loan if you've dealt with financial hardships within the last seven years. For example, if your home was foreclosed on, you declared bankruptcy, or have high revolving credit and/or derogatories, some lenders may not consider you eligible for a loan.

What are the other costs of owning a boat?

Before you commit to a boat loan, remember to consider the costs of being a boat owner beyond the monthly loan payment. These include:

  • Insurance
  • Maintenance
  • Fuel
  • Repairs
  • Docking/Slips

Consider also where you will store your boat during the off-season. Do you have space on your property, or will you have to pay for storage elsewhere?

What do I need in order to apply for a boat loan?

Once you have used our boat loan calculator to estimate an affordable monthly payment, you're ready to apply.

If you apply for a boat loan through, you'll need the following information:

  • Your name and personal information, including your Social Security number
  • Your current address, including how long you've lived there
  • Your current employment information and total annual income
  • Co-applicant and trade-in information, if applicable
  • Information on the boat you want to purchase, including year, make, and model
  • Other financing information, such as your intended down payment

Once you have this information ready, visit our online application form to experience a streamlined process. Our representatives will contact clients within minutes of applying in most cases, so you won't have to wait weeks to hear back. We'll get started right away on choosing the best lenders for your boat loan.

Apply for a Boat Loan Through IFG

Once you use our boat loan calculator to help you understand what you can afford, let one of our knowledgeable sales representatives assist you in finding the perfect loan offer.

At Intercoastal Financial Group, we work with more than 20 Recreational banks to provide our clients with plenty of options. We'll help you through the entire loan process, from the application to the collection of final signatures so that you can start enjoying your watercraft.

Why Choose Intercoastal Financial Group?

Our team at Intercoastal Financial Group strives to help borrowers realize the boat ownership dream by offering marine finance expertise. We use our more than 30 years of marine lending experience to provide our customers with personalized boat loan solutions. Our customers love our quick, hassle-free loan process and attentive service.

Apply for a boat loan through IFG today, or contact us with all your questions about our boat loan calculator and boat financing services. Call 1-888-690-5626.

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